The First Lesson in Becoming Wealthy

The First of Seven Skills Needed to Become Rich

In the third chapter of George Clason’s book, The Richest Man In Babylon, he describes the skills that are necessary to build a firm foundation to becoming the wealthiest person possible. The first of the seven lessons Clason describes is to  “pay yourselves first.” 1 

The Road to Wealth

When Bansir and Kobbi sought the advice of their wealthy friend Arkad, he tells them the advice a rich man gave him years ago. The rich man told Arkad “I found the road to wealth,” he said, “When I decided that a part of all I earned was mine to keep.” 2

Arkad’s Powerful Message in Becoming Wealthy

The message he gave Arkad is simple but powerful in becoming wealthy.   To accumulate money, we have to save a portion of what we earn by paying ourselves first before spending money on anything else.

Learn to Live on What You Earn

To begin with, we have to learn how to live on our existing income and become the best employee and business owner possible.  We should pay ourselves first with our money by saving 10% of all that we earn and much more as we can afford to do so.

The First 10% Is Yours

For every dollar that we earn, 10 cents should be set aside for the person you see in the mirror every morning. Knowing this first rule and living by it is one of the important principles that distinguishes the rich from the poor. The financially stable people know this rule and live by it and the poor do not.

Learn to Live on the 90%

And then we must learn how to live on the 90% that remains.  If you are an excellent employee or have a successful business, your “purse” will grow over time.

In lesson 2, Clason’s topic is, “control thy expenditures” or in other words, live below your means.  

 

Larry Marvin
LifeCrafter – Money $ense

2.  What You Can Learn From The Richest Man In Babylon, http://www.biblemoneymatters.com/save-and-pay-yourself-first-a-part-of-all-i-ear (accessed June 21, 2016).

  1.  ©2016 Larry Marvin, Image Credit:ESG-Invest-Fossil-Free-401K-2013.jpg